7 Bryant Park inches toward deal with anchor tenant

Seven Bryant Park is close to inking its first lease, which would take up roughly 30 percent of the 471,000-square-foot tower, developed by Dallas-based landlord Hines.

Law firm Reed Smith is reportedly in talks to take a 160,000-square-foot space in the building, and is in competition with another unidentified tenant. The winner would be the 30-story building’s anchor tenant on the building’s base floor, where rents are reportedly running in the $80s per square foot. The building’s upper floors, by contrast, are said to be asking as much as $200 per square foot. Should Reed land the deal, the firm would be relocating from 599 Lexington Avenue, between 52nd and 53rd streets, in Midtown. Jones Lang LaSalle is representing Reed Smith in the negotiations, while CBRE is working on behalf of landlord Hines and partner investors Pacolet Milliken Enterprises and JPMorgan Asset Management.

Pei Cobb Freed & Partners Architects designed the building between West 39th and West 40th streets, which is currently under construction and slated for completion in 2015. [Crain’s] — Julie Strickland